7 ms·

Pure wapor. How will they ban anonymous wallets?

by nenadg 5y ago

viro 5y ago
by making it a crime to have one or accept money from one? ¯\_(ツ)_/¯....
- herbst 5y ago
  This will thrive business to Switzerland and other crypto save heavens. Nice one EU
- nenadg 5y ago
  Good luck making it a crime to install program.
  - afiori 5y ago
    It is quite easy to criminalize distribution and possession of digital assets. Also no one care if you bounce bitcoins between your own wallets, any governments just needs to regulate at the border: retail shops that accept crypto and exchanges of crypto/fiat are very easy to identify and regulate.
  - xtracto 5y ago
    > Good luck making it a crime to install program. It is already a crime to passively posses certain combinations of bits (i.e. that directly or indirectly [zip, truecrypt] represent a child porn image). It has been made illegal to possess the implementation of a mathematical function (i.e. Kerberos being a "Auxiliary Military Equipment"). It will be pretty trivial for the government to make it ilegal to download, posses or install a program (e.g that interacts in some way with the Bitcoin network).
lottin 5y ago
By passing a law that makes them illegal, simple as that.
- vbezhenar 5y ago
  They should make gravitation illegal. Would save lots of money spent on transportation.
nenadg 5y ago
It's the same thing as if EU jumped to ban our classic, leather, pocket wallets. Pure bullshit, except if this is marketing?
- wrs 5y ago
  If your leather wallet has more than $10,000 in it, there are restrictions today on what you can do with it anonymously.
- saba2008 5y ago
  Limit monthly cash withdrawals to 100 EUR Limit cash currency exchange to 100 EUR (or just outlaw it) Wait for some time Retract cash being mandatory debt settling tender Wait a little more And then pompously declare, that only criminals need cash (not far from truth, anybody but criminals and hardcore privacy people will be driven away by then) and ban it completely.
- xtracto 5y ago
  What about the EU banning ivory wallets?
tomp 5y ago
"Every retailer, bank or money transmitter that receives a cryptocurrency must show the origin and past transactions of the funds."
burnished 5y ago
Look, where I live weed was decriminalized relatively recently. I could still get weed before, but I couldn't rock up some where and get a CBD soda, or a vape cartridge, or nice edibles, or a variety of products. In the same way you say "how will they ban anonymous wallets" you might say "how do you criminalize a plant", and thats by making possession illegal and following up on that by targeting people/places they expect to find said things. They don't have to make it physically impossible, they just need to introduce enough friction into the process that for most people it stops being worthwhile.
- nenadg 5y ago
  Looks like a ton of bureaucracy with little or no output. I agree, might be the same thing as a war against the drugs lmfao.
  - dmantis 5y ago
    They love bureaucracy, they pay themselves for it.
  - burnished 5y ago
    well, it had a lot of output! it completely stifled a whole industry of economic activity, for one. thats sort of my point, you might not be able to make a completely 100% unbeatable ban, but you really don't need to in order to effectively stifle certain kinds of activity. like, the harder you make something to do, the fewer people are going to have the energy to do it. arguments like "why bother, you cant make it literally impossible" miss the point that you can make it difficult enough that for most people it may as well be impossible.
  - afiori 5y ago
    The War on Drugs was a matter of method and intensity; the aim was to completely and swiftly eradicate drug abuse rather than move societal incentives. This could go either way, as far as I know both are possible
    - burnished 5y ago
rlpb 5y ago
I think maybe they mean anonymous _hosted_ wallets where the hoster is inside the EU.
uniclaude 5y ago
Typically, by preventing regulated institutions to accept deposits from and withdrawals to addresses that do not match a wallet that has been associated with an identified entity. That would be unfortunate.
CarelessExpert 5y ago
Unless you only ever transact in crypto, at some point you need an on-ramp or off-ramp from/to the traditional banking system, and at that point regulation is pretty straight forward. My read of it is that they're going to ban anonymous accounts on platforms that provide those services.
bdcravens 5y ago
By putting pressure on the banking system. No transfers to or from exchanges that don't play by their rules.

Pure wapor. How will they ban anonymous wallets?

by nenadg 5y ago

Pure wapor. How will they ban anonymous wallets?

viro 5y ago

by making it a crime to have one or accept money from one? ¯\_(ツ)_/¯....

herbst 5y ago
This will thrive business to Switzerland and other crypto save heavens. Nice one EU
nenadg 5y ago
Good luck making it a crime to install program.
- afiori 5y ago
  It is quite easy to criminalize distribution and possession of digital assets. Also no one care if you bounce bitcoins between your own wallets, any governments just needs to regulate at the border: retail shops that accept crypto and exchanges of crypto/fiat are very easy to identify and regulate.
- xtracto 5y ago
  > Good luck making it a crime to install program. It is already a crime to passively posses certain combinations of bits (i.e. that directly or indirectly [zip, truecrypt] represent a child porn image). It has been made illegal to possess the implementation of a mathematical function (i.e. Kerberos being a "Auxiliary Military Equipment"). It will be pretty trivial for the government to make it ilegal to download, posses or install a program (e.g that interacts in some way with the Bitcoin network).

lottin 5y ago

By passing a law that makes them illegal, simple as that.

vbezhenar 5y ago
They should make gravitation illegal. Would save lots of money spent on transportation.

nenadg 5y ago

It's the same thing as if EU jumped to ban our classic, leather, pocket wallets. Pure bullshit, except if this is marketing?

wrs 5y ago
If your leather wallet has more than $10,000 in it, there are restrictions today on what you can do with it anonymously.
saba2008 5y ago
Limit monthly cash withdrawals to 100 EUR Limit cash currency exchange to 100 EUR (or just outlaw it) Wait for some time Retract cash being mandatory debt settling tender Wait a little more And then pompously declare, that only criminals need cash (not far from truth, anybody but criminals and hardcore privacy people will be driven away by then) and ban it completely.
xtracto 5y ago
What about the EU banning ivory wallets?

tomp 5y ago

"Every retailer, bank or money transmitter that receives a cryptocurrency must show the origin and past transactions of the funds."

burnished 5y ago

Look, where I live weed was decriminalized relatively recently. I could still get weed before, but I couldn't rock up some where and get a CBD soda, or a vape cartridge, or nice edibles, or a variety of products. In the same way you say "how will they ban anonymous wallets" you might say "how do you criminalize a plant", and thats by making possession illegal and following up on that by targeting people/places they expect to find said things. They don't have to make it physically impossible, they just need to introduce enough friction into the process that for most people it stops being worthwhile.

nenadg 5y ago
Looks like a ton of bureaucracy with little or no output. I agree, might be the same thing as a war against the drugs lmfao.
- dmantis 5y ago
  They love bureaucracy, they pay themselves for it.
- burnished 5y ago
  well, it had a lot of output! it completely stifled a whole industry of economic activity, for one. thats sort of my point, you might not be able to make a completely 100% unbeatable ban, but you really don't need to in order to effectively stifle certain kinds of activity. like, the harder you make something to do, the fewer people are going to have the energy to do it. arguments like "why bother, you cant make it literally impossible" miss the point that you can make it difficult enough that for most people it may as well be impossible.
- afiori 5y ago
  The War on Drugs was a matter of method and intensity; the aim was to completely and swiftly eradicate drug abuse rather than move societal incentives. This could go either way, as far as I know both are possible
  - burnished 5y ago

rlpb 5y ago

I think maybe they mean anonymous _hosted_ wallets where the hoster is inside the EU.

uniclaude 5y ago

Typically, by preventing regulated institutions to accept deposits from and withdrawals to addresses that do not match a wallet that has been associated with an identified entity. That would be unfortunate.

CarelessExpert 5y ago

Unless you only ever transact in crypto, at some point you need an on-ramp or off-ramp from/to the traditional banking system, and at that point regulation is pretty straight forward. My read of it is that they're going to ban anonymous accounts on platforms that provide those services.

bdcravens 5y ago

By putting pressure on the banking system. No transfers to or from exchanges that don't play by their rules.